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Audit procedure

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit procedure

  • This topic has 3 replies, 2 voices, and was last updated 6 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • March 24, 2019 at 12:54 pm #510284
    michaelsamiotis
    Participant
    • Topics: 47
    • Replies: 27
    • ☆☆

    Hello sir,
    I have some questions that I am trying to figure out.
    1) Is the president of a company the same with the CEO or the chairman?
    2) Who proposes the auditor or the audit firm before the appointment (the board, the chairman, the members or audit firms express their interest someway)
    3) What is the meaning enquire in the audit procedures (asking or searching)?
    4) The client screening (for the acceptance) by the auditor is done before or after the appointment?
    5) The understanding of the entity and its environment and the risk assessment of material misstatements are done at the same time with the planning of the audit or after that?
    6) What are the indicators or factors for the auditor in expecting efficient or inefficient controls?
    Thank you very much and sorry for asking so much.

    March 25, 2019 at 8:05 am #510353
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    1) You won’t find president referred to in ACCA exams – but the nearest equivalent would be CEO – i.e. the most senior executive.
    2) This is assumed knowledge of LW (F4) – the board of directors will put forward an ordinary resolution who to appoint (or reappoint) and the members must approve (50% majority).
    3) Enquiry/Inquiry as an audit procedures means “seeking information of knowledgeable persons, both financial and non-financial, within the entity or outside the entity”.
    4) See s.2 of Chapter 7 – it would be a pointless exercise to screen a client after acceptance.
    5) They go “hand in hand” – but you have to understand the entity and its environment (including internal control) before you can come up with the audit plans.
    6) Lots of factors – from documentation of the accounting systems and internal controls there should be clear pointers of whether controls appear to exist to meet control objectives, if there is an internal audit function (will usually indicate strength), previous audits (to what extent were you able to rely on controls last year?), have weakness previously identified been remedied? etc, etc.

    March 25, 2019 at 11:47 am #510373
    michaelsamiotis
    Participant
    • Topics: 47
    • Replies: 27
    • ☆☆

    Thank you so much. You really helped me a lot.

    March 25, 2019 at 12:10 pm #510375
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    You’re very welcome – but please note that I am more likely to be quicker in answering individual questions on separate posts than lots of different questions on one post. (The latter is not so easy from a smart phone – so you will be waiting for me to be working from a desktop.)

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Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘Audit procedure’ is closed to new replies.

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